- Porsche CEO Oliver Blume warned the nearly 37,000-strong German workforce he will negotiate with its labor union in the coming months over further cost cuts. Already, it plans to eliminate more than a tenth of its staff by 2029 to position the brand for a world where it sells only 250,000 cars annually, rather than the 311,000 it achieved last year. A combination of plunging demand in China and effects from Trump’s economic agenda are hitting the export-reliant luxury sports car maker hard.
Once the envy of the entire German auto industry, Porsche is drifting deeper and deeper into its biggest crisis in decades.
